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Dirty Deals At StanbicIBTC Bank As Customer’s Billion Of Naira Disappears

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There is no doubt that the nose-dived economy of Nigeria is taking it turns on the citizens and corporate organisation’s alike. But that does not means that bankers, who ordinarily are supposed to be custodians of trust should turned into pilferers, engaging in fraudulent activities, from outright stealing of customers money, to colluding with criminal elements and even divulging of confidential information.

 

This development according to a source at the security department of the Central Bank of Nigeria (CBN) is giving top officials of the apex bank sleepless nights due to its damaging impact on customer confidence.

 

It could be recalled that last week three employees of Zenith Bank Plc at the banks Ajose Adeogun street, headquarters in Victoria Island, Lagos were whisked away by men of the Special Anti Robbery Squad (SARS), Ikeja, Lagos for their alleged involvement in a $2m fraud.

 

There have been similar cases involving employees of other banks in recent times. However, the scope of what allegedly took place at Stanbic IBTC has left even the law enforcement agencies investigating the matter speechless.

 

According to a Police source, Lonestar Drilling Nigeria Limited in a petition to the Police dated 11th March 2013 alleged that there were unauthorized withdrawals from two of its accounts at the Stanbic IBTC Bank at Walter Carrington Crescent, Victoria Island, Lagos.

 

According to the petition, about N40,903,764.36 (Forty Million, Nine Hundred and Three Thousand, Seven Hundred and Sixty Four Naira, Thirty Six Kobo) and $547,881,26USD (Five Hundred and Forty Seven Thousand, Eight Hundred and Eighty one Dollars, Twenty Six cents) were fraudulently withdrawn from their accounts managed by one Olalekan Kuti.

 

The said petition also noted that results from an internal audit by the company revealed that the said Kuti in connivance with some employees of Lonestar Drilling have been making unauthorized withdrawals from the said accounts under the false pretence of payment of staff salaries without a monthly mandatory payment advice; from the accounts departments.

 

Trouble started when the company discovered cases of diversion of funds, stealing and outright sabortage from some of its directors and it went ahead to suspend them from its management. The directors however colluded with Stanbic IBTC to defraud the company the more and sell off some of its properties at rock bottom prices.

IGP Idris

 

During the course of Police investigation it was discovered that the founder of Lonestar Drilling Chief Humphrey Idisi was purported to have taken a loan facility of $200 million from Stanbic IBTC Bank for the acquisition of two rigs, but after the death of Chief Idisi in 2009, Stanbic IBTC started diverting all proceeds from the company to its own use.

 

Lovette Idisi, son of the founder of the company claimed in his deposition that the company makes about $240,000USD (Two Hundred and Forty Thousand dollars) daily from its two operational oil rigs and that an internal audit indicted some members of the company’s management to fraudulently make withdrawals and divert funds from the company.

 

The petitioner also alleged that since 2009, Stanbic IBTC have refused to disclose how much they have deducted from the oil rigs, moreso, that the Bank colluded with some directors of the company to start selling off some of the properties of the company at below market prices to themselves and their cronies.

 

He gave an example of a new ocean going vessel MV Kinklock acquired by Lonestar Drilling at the sum of N200 million but was sold off by the Bank at a paltry N10 million without the consent of the management of the company. Also the bank sold two heavy duty generators bought at N100 million each but were sold for N50 million each.

 

Chief (Mrs) Margareth Idisi, the Chairperson of Lonestar Drilling and widow of the founder of the company maintained that the loan purported to have been entered by her husband was fraudulent as her husband was not in the right physical frame to have signed any document as at the time in question and that she was with her husband at his hospital bed throughout that period.

 

She alleged that Oladele Kuti should be held responsible for the fraud. She said that as soon as it was discovered that there has been several fraudulent activities in the company, she sacked the management, but that those sacked colluded with the Bank to draw their salaries from the Bank without consulting her.

 

The Police however confirmed that Oladele Kuti confessed to having received documents from the Chairperson regarding the changes in the management of the company but that the Bank refused to honour it because there was no board resolution removing the former directors as at the time the letter was sent to the Bank.

 

He equally confessed bringing it to the notice of the Bank’s management and legal department and that all decisions he took were in line with instructions from the Bank’s management.

 

Further investigations also show that the said Oladele Kuti lives far beyond his means as he has properties far beyond what his job could provide.

 

For example, he has two foreign accounts with Barclays Bank and CitiBank respectively and that he also has two oil companies, a 3 bedroom flat at UPDC Estate Lekki,6 Bedroom apartment Ikorodu,6 plots of land at Olambe, Ogun State,6 plots of land at Mowe, a mortgaged property in London, Frank Enterprises, and Caleb Chroster Limited.

 

Also during investigation, he could not explain what happened to about $15 million US Dollars which is part of the $25 million dollar loan purportedly signed by Chief Idisi.

 

The Police report which reads like an indictment on the Bank shows that Stanbic IBTC failed to produce all the loan agreements as requested by the management of Lonestar Drilling Nigeria Limited. The Police also established that here were abundant evidence of fraudulent withdrawal of funds as contained in the audit report from the company.

 

And that the termination took place due to the frauds uncovered at the company. The Police also noted that the purported $25 million loan said to have been signed by the late Chief Idisi was a fraud as handwriting experts have discovered several discrepancies between the real signature and the forged one. Moreso, that Chief Idisi was sick in the United States as at that time and his wife and those attending to him could not recollect him ever signing any document even though he was not disposed to hold a pen due to the state of his health.

 

Stanbic IBTC was also unable to explain how the 2009 loan extension of $250,000,000 USD was disbursed as no document on that was produced. The Police equally discovered that Oladele Kuti’s account with GT Bank showed all the fraudulent transfers from Lonestar Drilling’s account to his personal account, and that throughout that period he transferred the sum of N14,310,000.00 (Fourteen Million, three hundred and ten thousand naira) from Lonestar Drilling’s account to his personal account.

 

The Police was shocked to find that upon all fraudulent transactions the Bank made a direct debt of $300,000 into the account on July 26th 2010,in benefit of Cammpro Limited with no supporting document for the payment. Equally shocking was that $40,697,50 was made in favour of Stanbic IBTC and Rs Platou was debited directly into the account of Lonestar by the Bank without the consent of the company.

 

This is in addition to the $1,000,000 deducted directly from the company’s account on 31 January 2011 by Stanbic IBTC without approval as there was no bank payment advice raised by the company to reflect the deduction of the said money.

 

It was in view of these very weighty evidences that the Police suggested that the suspects be arraigned in court because according to the Police, there were sufficient evidence for prosecution.

 

To this end Oladele Kuti (Account Officer), Head of Oil and Gas Unit of Stanbic IBTC, Luqman Agboola, a staff of Diamond Bank Plc, Francis Atoju, MD/CEO of Vantage Management consultant and Engr Frances Anene, Former MD/CEO of Lonestars Drilling Nigeria Ltd and others still at large were charged to court on a Nine count charges of conspiracy to commit felony and money laundering.

 

However, this newspaper made efforts to contact Stanbic IBTC to hear its side of the story, Barene Beard the officer contacted asked us to speak with Nkiru Olumide-Ojo who forwarded to us a prepared statement from the bank on the issue which reads thus:

 

“Thank you for your enquiry regarding the Lonestar Drilling Nigeria Ltd vs 8 others, including Stanbic IBTC. As you are aware, there is a case on this matter in the Federal High Court, Port-Harcourt and this precludes us from commenting on this matter. We would like to state however that Stanbic IBTC is a responsible corporate citizen, with confidence in the nation’s legal process, which will show when concluded; that we acted appropriately in this matter.”

 

However, observers are quick to note that Oladele Kuti may be the fall guy for his superiors at Stanbic IBTC who were in the full know of the whole fraudulent activities and they not only gave their go ahead but also approved some of the criminal acts perpetrated by their officer with their knowledge.

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Organiser unveils speakers, panelists for the 2024 Industry Summit

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The organiser of the Industry Summit, an annual gathering for professionals and experts in brand marketing, finance, sustainability, and entertainment, has announced the speakers for the fifth edition of the summit in Lagos.

 

 

 

The event themed: Sustainable Marketing for Growth would feature the marketing director of Nigerian Breweries Plc, Mr. Emmanuel Oriakhi as keynote speaker while the head of unit, sustainability at Access Bank, Mrs. Omobolanle Victor-Laniyan and manager brand, strategy & communications at Stanbic IBTC, Ms. Rita Akao would feature as guest speakers.

 

 

 

The summit, which is scheduled to hold on Friday, May 3rd, 2024 at the Marcelina’s Place Ikeja GRA, Lagos would feature some exhilarating panel sessions with some of the contemporary professionals in the Nigerian brand and marketing industry.

 

 

 

The panelists include; Ms. Chioma Mbanugo, Head of Marketing PZWILMAR, Mr. Abiodun Coker, Team Member Media, UBA, Mrs. Mabel Adeteye, Head, Brand & Marketing Communications, Wema Bank PLC, Mr. Kevin Olumese, Marketing Communications Specialist, and Mr. Adeola Kayode, Head, Brands & Creative Services, 9mobile Nigeria.

 

 

 

Others who have confirmed participation are Ms. Aisha Anaekwe, Head, Brands & Comms, Coronation Group, Mrs. Victoria N’dee Uwadoka, Public Relations, Public Affairs & Sustainability Lead, Nestle Nigeria Plc, Mr. Samson Adeoye, Public Relations Manager, Airtel Nigeria, Mrs. Oluwatosin Odiagbe, Marketing Manager, Simba Solar and Ms. Arinola Shobande, Head of Marketing, Showmax.

 

 

 

While Oriakhi would be speaking to the topic, ““New Age Marketing – Catalyzing Transformation Through Value Chain Innovation, Technology, Analytics & Sustainability”, Victor-Laniyan and Akao would present papers on the topics; “Aligning organizational objectives with sustainable marketing for the good of the people, society and business, and “Reimagining Sustainable Growth Through Green Marketing” respectively.

 

 

 

In the press statement signed by the Publisher of The Industry Newspaper/Convener of The Industry Summit/Awards (TIES), Mr. Goddie Ofose, he said that “The 5th edition of the Industry Summit is focusing on sustainable marketing, which is a purpose-driven practice that works to orientate businesses, brands and society towards a sustainable future, influencing appropriate awareness, aspiration, adoption and action across economic and sociocultural systems by taking necessary accountability for its impacts and opportunities.”

 

 

 

“In today’s ever-evolving world, debating whether to incorporate sustainability into business strategy is no longer an option. Considering a values-driven approach when developing business strategies can be vital to long-term success” he said.

 

 

 

Therefore, we have carefully selected these professionals and experts to deliberate on the subject matter, highlight challenges and proffer solutions where private and public sectors could take lessons from and improve upon whatever they have been doing,’ Ofose added.

 

 

 

The Industry Summit/Awards is a brainchild of The Industry Newspaper Limited, publishers of The Industry Newspaper (theindustry.ng) and 789marketing.ng.

 

 

 

The summit is designed to bring together industry leaders across the continent in all sectors in the quest to rev up conversations that will move the Nigeria business, economy and communication industry forward.

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IBEDC records 1,459 energy theft cases in January, February

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The Ibadan Electricity Distribution Company said it has recorded 1,459 cases of energy theft by its subscribers between January and February 2024.

This was disclosed in a press statement signed by the firm’s Chief Key Accounts Officer, Mr. Johnson Tinuoye, on Tuesday.

IBEDC added that it is actively pursuing investigations and legal actions against individuals and businesses involved in the theft in collaboration with the Federal Government Special Investigation and Prosecution Task Force on Electricity Offences.

Identifying the cases, IBEDC said they included various offences such as meter bypass and illegal meter tampering, which resulted in significant financial losses amounting to hundreds of millions of naira for the company.

The statement read, “We want to send a clear message to our customers that energy theft will not be tolerated. Our collaboration with the Federal Government Special Investigation and Prosecution Task Force on Electricity Offences underscores our commitment to ensuring a fair and just electricity distribution system.

“Energy theft not only undermines the integrity of our operations but also deprives IBEDC of the revenue necessary to provide quality services to our customers.”

Tinuoye emphasised that under the Electricity Act, energy theft is now recognised as a criminal offense, carrying severe penalties including imprisonment stressing, “In the Osun region, two individuals were apprehended for stealing energy through meter bypass and illegal connections. Their cases have been formally charged in court for prosecution.”

IBEDC further urged customers to refrain from engaging in any form of energy theft, emphasising that the consequences can be severe, as there is no room for negotiation with the SIPTEO Task Force team, which is actively patrolling and investigating instances of energy theft for prosecution.

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Copyright Breach: NCC Drags MTN, Others To Court Over Musician’s Works

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The Nigerian Copyright Commission (NCC) has filed criminal charges against MTN Nigeria Communications Ltd. and four others over alleged copyright infringement.

The charge with number FHC/ABJ/CR/111/2024 filed in the Abuja Division of the Federal High Court was obtained by journalists on Monday.

News Agency of Nigeria (NAN) reported that the four other defendants in the case include the chief executive officer of MTN Nigeria, Karl Toriola; Nkeakam Abhulimen, Fun Mobile Ltd.; and Yahaya Maibe.

In the three-count charge, NCC alleged that the defendants, between 2010 and 2017, “offered for sale, sold and traded for business’’, infringed the musical works of an artiste, Maleke Idowu Moye, without his consent and authorisation.

The commission alleged that the defendants used musical works and sound recordings of Mr Maleke with subsisting copyright as caller ringback tunes without the authorisation of the artiste.

The musician’s musical works and sound recordings allegedly infringed upon included 911, Minimini-wanawana, Stop Racism, Ewole, 911 instrumental, Radio, Low Waist, and No Bother.

The defendants were also alleged to have distributed the musical works to their subscribers without authorisation, thereby infringing on the rights of the artiste.

In the third count, the defendants were alleged to have in their possession, other than for their private or domestic use, the artiste’s musical works and sound recordings.

According to NCC, the alleged offences are contrary to and punishable under section 20 (2) (a) (b) and (c) of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

The case has yet to be assigned to any judge, and no date has been fixed for the mention.

Meanwhile, no official statement has been released by any of the defendants as at the time of filing this report, while all efforts to get reactions from MTN by New Telegraph proved abortive.

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